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For small firms there are three ways to shortcut the thicket of 401(k) regulations, says Brian R. Hogan, who oversees small-business retirement products at Fidelity Investments. Fees are minimal, although participants have to either meet investment minimums for the mutual funds they buy or else pay brokerage commissions (usually $8) to buy exchange-traded funds.

The Simple IRA is available to companies with no more than 100 workers. The employer must contribute at least 2% of each worker's pay; employees cannot contribute more than $12,000 ($14,500 if you're at least 50 years old). Annual administration fee at Fidelity: either $25 per account or a flat $350 for the whole company.

Fast-growing employers have to think about what they'll do when they cross the 100-worker point. After a two-year grace period they have to upgrade to a 401(k) or other plan.

The Simplified Employee Pension has no limit on the number of workers and no administration fee. The employer must contribute the same percentage of pay for all employees, so this choice makes sense if either all the employees are family members or the business owner is extremely generous. Employee contributions are not permitted.

The Solo 401(k) is best for a self-employed person with no other workers besides a spouse. The amount that can be set aside, determined by a complicated formula, is usually equal to $17,500 plus 18.6% of net income, with a $52,000 maximum. Older players can throw in another $5,500.

At Fidelity you can set up a Solo by downloading some paperwork and mailing it in. There's no account administration fee and you can invest in very low-cost funds if you want to.